What Is Staking?
Staking has taken the cryptocurrency world by storm over the last couple of years, and even more so in the current bull cycle with more people asking the question - What is staking?
Staking has primarily been introduced to combat the growing energy cost involved with typical proof-of-work protocols that plague a lot of cryptocurrencies, with BTC being the most famous for this model of rewarding transaction validations.
Staking does things a little differently and essentially allocates a portion of tokens on the network that are set aside and then are used to validate transactions made through the targeted blockchain. The process itself deviates from the “proof of work” (PoW) model and instead provides a “proof of stake” (PoS) protocol.
This proof of stake protocol is less energy-intensive than the PoW equivalent by reducing the need for mining equipment to ensure security and validate transactions on the chain.
Today, we will look at one option for staking that is starting to gain traction and also answering the question everyone wants to know, what is staking?
NanoDogeCoin -Passive Income Through Staking
One keen project aiming to introduce staking to a new wave of cryptocurrency investors is NanoDogeCoin. Through the newly introduced Crypto Staking Dashboard portal that was launched late August, the project has put together an array of staking options that not only make staking easy, but hope to introduce the concept to first time potential stakers.
The dashboard itself is simple and easy-to-use, enabling holders of NDC to use their newly launched “Dual Staking” feature as well as their “I-NDC” pooling option to passively earn various rewards through staking.
Dual staking allows token holders to earn real USDT rewards on staked NanoDogeCoin tokens, while in return, earning more NanoDogeCoin of which then rewards higher USDT as they collectively compound over time. This is something innovative and offers a new approach to staking that rewards holders further.
NanoDogeCoin - Reshaping DeFi with The Nano Index
The development team behind NanoDogeCoin have also launched its very own staking index - I-NDC - of which until now puts this team ahead of a lot of competitors that have so far been unsuccessful in delivery.
What this development means for stakers of INDC is not only can USDT be earned with NanoDogeCoin tokens, but users can also stake to earn rewards in Bitcoin, Ethereum, Cardano, Doge and many more cryptocurrencies.
More options are to be added to the dashboard over the coming weeks.
Staking: The Future
Staking is something - based on the current trends - is not going away anytime soon. More people are getting involved with cryptocurrency trading who are able to see the real-world benefits of moving away from the energy hungry PoW protocol, that tends to benefit miners with expensive equipment, and over to the more rewarding and more conservational PoS model.
The move to PoS gives the ability for investors the world-over, to stake their holdings to provide more options to increase their portfolios passively.
NanoDogeCoin is just one example of where this is possible and if plans and momentum says anything about the project, the options within the service will soon be vast - with the rewards redistributed to holders only increasing as more users jump on board.
Staking is making money from your portfolio by using it to validate transactions so you get rewarded in more tokens, instead of it going back to miners, putting the power back into the investors hands.
Want to get in on the action? Check out the NanoDogeCoin Dashboard and see if staking options are right for you.